Bitcoin Price Analysis – BTC Slides as Macro Fears Put $60K Support at Risk

Highlights:

• Bitcoin price drops 5% as hawkish Federal Reserve pressures risk assets
• Bitcoin trading volumes surge, indicative of panic selling post Fed statement 
• BTC risks losing $60K on macro and technical weakness

Bitcoin (BTC) is in the red today, reflecting the selloff across major financial markets. When going to press, Bitcoin was trading at $70,419.05, down by 5.02% in the day. While the price is headed lower, Bitcoin trading volumes are rising throughout the day. Volumes currently stand at $51.89 billion, up by 43.72% in the day. 

Such a surge in volumes is indicative of panic selling by retail money. It could also be an indicator that long-term holders are exiting their positions in anticipation of more downside in the short to medium term. Several factors are driving the perception that the Bitcoin price could be headed lower. 

Hawkish Fed Sends Bitcoin Price and Other Risk-On Assets Tumbling

One of them is that the Federal Reserve has taken a hawkish stance during the FOMC meeting ending 18 March. During the meeting, the Federal Reserve kept rates unchanged, as markets widely expected. However, it is the speech that followed that has rattled markets, including Bitcoin. The Federal Reserve noted that inflation is set to go higher in 2026, with a projection of 2.7%, up from 2.5% at the end of 2025.

The US Federal Reserve has raised its outlook for inflation while holding interest rates steady, citing an “uncertain” economic forecast as a result of the war on Iran.

🔴 LIVE updates: https://t.co/iecdw48M2Z pic.twitter.com/2WwVvfMRXM

— Al Jazeera English (@AJEnglish) March 19, 2026

The Federal Reserve also acknowledged that the war happening in the Middle East was likely to keep uncertainty high, especially the risk of a spike in inflation. This has not only created the impression that a rate cut may not come in 2026, but also increased the odds of a rate hike. Since risk-on assets tend to underperform in an environment of high inflation, a selloff was experienced immediately after the announcement.

Bitcoin, which tends to trade in line with risk-on assets such as the S&P 500, has also experienced a selloff. If the inflation fears keep pushing markets lower, BTC could be headed to prices under $60k in the short to medium term.

Analysts Equate Bitcoin Price Action to 2022 Bear Run

Such a negative possibility is also enhanced by the fact that some analysts have been saying the bear run is not over. After the recent pump that saw Bitcoin rally past $74k in a day, some analysts fear that this correction was similar to what happened in 2022.

$BTC JUST ENTERED RELIEF PHASE OF THE BEAR MARKET

2022 STRUCTURE IS REPEATING PERFECTLY SO FAR:

~52% DROP FROM ATH -> COMPLETE
RELIEF RALLY -> NOW
FINAL CAPITULATION -> UPCOMING MONTHS

FOLLOW + NOTIFS ON, I WILL KEEP YOU UPDATED https://t.co/vsC6yAPIAI pic.twitter.com/ENlHJ4kAV8

— bee🐝 (@0xbeehive) March 10, 2026

Back then, the market bounced slightly after a month in the red. However, the bounce did not last and was followed by an even bigger crash. If the fears of a similarity with 2022 take root in the market, Bitcoin and other risk-on assets could face a major correction in the short to medium term. Such could trigger fear selling that makes the bear market predictions a self-fulfilling prophecy. 

Stalling of Key Cryptocurrency Bill Adds to Bitcoin Selling Pressure

To further add to Bitcoin’s price downside risk is the fact that the market structure bull appears to have stalled. The impact of the delay is so significant that some analysts have downgraded their Bitcoin price outlook for the year. With such a confluence of negative factors, a fall below the $70,410 price level, now key support, could embolden bears. This could send Bitcoin to new lows in the foreseeable future.

Citigroup cuts 12-month bitcoin, ether targets as US crypto legislation stalls https://t.co/K7RM2sG3ZY https://t.co/K7RM2sG3ZY

— Reuters (@Reuters) March 17, 2026

Technical Analysis – Bitcoin Bulls Fail After Breakout Attempt

Bitcoin’s price action today has seen it drop back below $70.410, which was a multi-week range resistance level. This correction means the breakout that could have pushed Bitcoin has failed.

With this failure, the key level to watch now is $62,618. If bears fail at this price level, a correction to prices under $60k could follow. With the Federal Reserve now taking a hawkish stance and the situation in the Middle East not easing, a Bitcoin price correction below $60,000 could be on the horizon in the short to medium term.